Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $$300\mathrm{.}000$ for November, $$320,000$ for December, and $$310,000$ for January. Collections are expected to be $75\%$ in the month of sale and $25\%$ in the month following the sale. The cost of goods sold is $76\%$ of sales. The company desires an ending merchandise inventory equal to $80\%$ of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $$20,600$ Monthly depreciation is $$20,400$ Ignore taxes.Balance SheetOctober $31$AssetsCashAccounts receivableMerchandise inventoryProperty, plant and equipment $($net of $$590,000$ accumulated depreciation$)$Total assetsLiabilities and Stockholders EquityAccounts payableCommon stockRetained earningsTotal liabilities and stockholders$*$equityRequired:a$.$ Prepare a Schedule of Expected Cash Collections for November and December.b$.$ Prepare a Merchandise Purchases Budget for November and December.c$.$ Prepare Cash Budgets for November and December.d$.$ Prepare Budgeted Income Statements for November and December.e$.$ Prepare a Budgeted Balance Sheet for the end of December.Complete this question by entering your answers in the tabs below.$ $21,40082,400182,4001,000,000$$ $1,286,200$$ $195,400550,000540,800$$ $1,286,200$